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Bad credit record and property investment
When I first moved up to Johannesburg and my career was just
starting to flourish many years ago, I heard of and spoke to a
number of people in a relatively short period of time with above
average salaries who had lost everything and had to start...
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Boosting Your Credit-Rating With A Well-Managed Credit Card
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Watch Your Credit Cards Or End Up With Bad Credit
If you are not careful with your spending on your credit cards
you could find yourself with bad credit. It is not a good idea
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How to Build Business Credit Despite Your Personal Credit
Business credit is more of a science than an art. The first rule for this science is that it is not the same as personal credit.
Many would-be and aspiring business owners are not aware that establishing credit for a business is just as important as establishing personal credit. They also do not realize that a business can have a credit score separate from their personal credit score.
There is a world out there designed specifically for the business entity with a whole set of different rules.
Many entrepreneurs start out accumulating excessive personal debt to finance a business. Within a few months or even years, they find that the business is a monster and needs more food, also known as financing.
With credit cards maxxed to the limit, business owners find themselves in a crunch and searching for ways to raise capital. This is difficult to do when the time is not taken to establish business credit first. Business credit is a crucial first step and foundation to build upon.
First, a business is not real. It really doesn't exist until legal steps and processes are completed to say that it does exist. PEOPLE create businesses that have not been tested, employed or ever earned a paycheck. So, when you start a business and begin looking for financing, the bank WILL ALWAYS look at your credit because they can touch you (and your job, and your car, and your house...). You have a history. Your business does not.
They will pull YOUR credit report. Not the business. And do you know why? Because you have not
established a business credit profile separate from your personal credit profile.
Can this be done? How does a business establish a credit profile separate from your personal credit profile? There is a credit system that will help you:
1. Lease vehicles like Lexus or Lamborghini, with added tax benefits. 2. Get a business line of credit or Small Business Loan or Business Credit Card for expanded Advertising, Inventory and other expansions your competitors can't get. 3. Invest in large projects like Commercial Property or Land or Construction that your personal credit isn't enough to guarantee. 4. Protect your personal assets from that of the business by not having to sign, no personal guarantee. 5. Start over with a new credit file if you need to, instead of just being stuck with your personal credit report Start new businesses you always wanted to start with Business Loans.
6. Separate your personal credit from your new shiny business credit profile
7. Get a new credit report for every business you start. Establish business credit that's good even if you have poor personal credit (it's true!)
Anyone who wants to establish a REAL BUSINESS, with CREDIBILITY that's bankable ought to establish business credit.
About the Author
Karen L. Hardy, MSBA is a certified Business Finance Consultant, real estate investor and motivational speaker. To establish credit for your business, go to http://www.destinycapitalfunding.com/business_credit_builder_program.htm
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